When it comes to raising your prices one of the number one fears so many people have is that when you raise your prices there is a chance you are going to lose clients. The reality is though when you lose clients, you gain the ability to reach new clients who will see your business in a new way!
I know a huge fear is “but what if scare someone off when they see I have new pricing?” But I want you to remember, a lot of times our clients find us and have NO clue that your prices were just raised. We are always fearful of losing people to new prices but most of the time they will never know that price increases have taken place unless you have clients who return yearly or you posted about it on social media ( which I don’t recommend )
Businesses raise prices all the time and you have to understand that you are running a business, therefore you are allowed to raise your prices just like everyone else.
You don’t need to justify it to anyone. You don’t need a clearcut reason. You just need to do it and trust yourself to do what it takes to sell at that price!
So, let’s chat 3 quick reasons why you should go ahead and raise those prices if you are on the fence!
- Higher prices establish a sense of credibility and higher-value. People like investing in things that are of value and that have credibility in order to make their purchase feel like a safe purchase that is going to bring them joy.
- Higher prices mean you can work less while making more money. If you shoot 35+ weddings a year, while it may be fun for the time being, there is a chance that it is not going to be sustainable for the long-term. Or maybe you shoot multiple sessions a week, again while it might be fun now, it is not going to be sustainable in the long run. So being able to raise your prices during the times when you are in high demand allows you to work less while making more money later on when you are ready for a break
- Higher prices can bring more value-driven clients vs price shoppers. A lot of times our ideal clients are not at lower price points. While you will always find amazing clients in lower price ranges, a lot of time our real ideal clients are at a higher price point that we have to work towards. So having a higher price allows you to reach those clients without them wondering why you are so much cheaper ( Because yes, higher-end clients will wonder why your prices are lower if they have inquiries with others more expensive )